“I’m hopeful that the work of this task force will continue to lay the foundation for a better understanding of these financial technologies, and today’s release of the fintech report is yet another step towards fostering financial innovation and keeping America competitive on the global stage,” Emmer said in a statement.
Lynch and Tom Emmer (R-Minn.), both of whom are returning to their roles. The House of Representatives Committee on Financial Services also renewed the Fintech Task Force last week, under the leadership of Reps. No sponsors have been named yet, according to a search of public records.Ī number of other actions last week might further give heft to the idea of regulatory clarity coming to the U.S. Kim said the Digital Chamber has already been in touch with some Senators to move the bill forward. Right now the Senate Committee on Banking, Housing and Urban Affairs, helmed by Senators Sherrod Brown (D-Ohio) and Pat Toomey (R-Penn.), is looking at the bill. The next step is bringing the bill before the Senate. “It brings a number of stakeholders to the table, so it’s not just the SEC, it’s not just the CFTC, it’s also businesses and thought leaders who actually have expertise in the digital asset space,” Kim said.Ĭreating a working group with this many stakeholders also brings sunlight to the process of drafting or updating the regulatory framework around digital assets, she noted. The bill asks that the recommendations be limited to the powers the SEC and CFTC already hold. More important, the group would be asked to draft recommendations for improving the regulatory landscape (and, in turn, improving the markets), as well as best practices to minimize fraud and ensure investors are protected. The group would have one year to evaluate the current legal and regulatory landscape for digital assets, how this landscape impacts crypto markets and how other countries approach the industry. Representatives for McHenry and Lynch did not respond to requests for comment.Īccording to the terms of the bill, a working group would be established with representatives from the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), financial technology firms, financial firms regulated by the SEC or CFTC, academic institutions or advocates looking at digital assets, small businesses using financial technology, investor protection groups and entities supporting historically underserved businesses. Related: Bitmain to Release Antminer E9 ASIC for Ethereum Mining “It’s the first bill to address regulatory clarity for digital assets and digital asset marketplaces to pass the house, and in a bipartisan fashion no less,” said Amy Davine Kim, chief policy officer at the Chamber of Digital Commerce. Patrick McHenry (R-N.C.) and Stephen Lynch (D-Mass.) in March, making it the first major crypto-specific legislation to get through one of the bodies of Congress.Ī number of other bills have also been introduced to define how cryptocurrencies can or should be treated under U.S. The entire House of Representatives passed the “Eliminate Barriers to Innovation Act,” introduced by Reps. Of course, if regulatory agencies don’t act until this bill is implemented, it’ll be quite some time before any actual clarity is adopted. The fact the bill has support from both parties is another mark in its favor. This could finally provide companies in this industry with some much-requested regulatory clarity. What’s more, it’s one that, if passed, would have a direct impact on how the U.S. This might be the first major crypto bill to get anywhere in Congress. Related: The Art of the Prank: How a Hacker Tried to Fake the World’s Most Expensive NFT
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